OK SB468

Establishes that municipal, county, and political subdivision ordinances or policies affecting oil and gas operations constitute a "taking" under Article 2 of the Oklahoma Constitution if they interfere with mineral estate use, substantially increase operational costs, reduce fair market value of minerals, or prohibit access to develop minerals.

Exempts from this provision any ordinances, resolutions, rules, regulations, or policies adopted or implemented prior to December 31, 2014.

Excludes the Oklahoma Corporation Commission from the restrictions on regulating oil and gas operations.

Repeals 52 O.S. 2011, Section 137, which previously granted certain powers to cities and towns relating to oil and gas exploration.

Declares the act effective immediately upon passage and approval for preservation of public peace, health, and safety.